Exploiting a granular dataset of banks' security holdings I assess the impact of unconventional monetary policy on bank … bank constant at its level in January 2014, well in advance of an anticipation of the ECB's asset purchase program (APP … data on bank-specific TLTRO uptakes, my results do not seem to be driven by alternative, liquidity-driven transmission …

Exploiting a granular dataset of banks' security holdings I assess the impact of unconventional monetary policy on bank … bank constant at its level in January 2014, well in advance of an anticipation of the ECB's asset purchase program (APP … data on bank-specific TLTRO uptakes, my results do not seem to be driven by alternative, liquidity-driven transmission …

This paper sheds light on the effect of quantitative easing (QE) on bank lending. Using data on German banks for 2014 … decrease stronger than loan market yields and for banks with equity constraints. These results imply that QE can affect bank …

We explore how banks transmit central bank liquidity injections using unique variation in the ECB's 2011-12 Very Long … show that banks transmit liquidity differently to multi-bank firms than to firms with only one bank. Single-bank firms … receive longer-term relationship lending and increase investment, while multi-bank firms receive short-term transactions …

After the global financial crisis and during the European sovereign debt crisis, bank lending to companies in the euro … Central Bank (ECB) quantitative easing programme in early 2015 that bank lending improved sustainably. This study analyses the …

After the global financial crisis and during the European sovereign debt crisis, bank lending to companies in the euro …’s quantitative easing programme in early 2015 that bank lending improved sustainably. The study analyses the impact of the ECB …

contractionary impact on bank loan supply. As the newly created excess reserves are heterogeneously distributed across euro area … countries, the impact of QE on bank loan supply may differ across countries. Moreover, we derive implications for monetary … policy implementation. Increases in the central bank's main refinancing rate as well as in the minimum reserve ratio and …

decrease. Using administrative data from Germany, we uncover that among banks selling their securities, central-bank reserves …

How do banks transmit long-term central bank liquidity injections to borrowers? We exploit unique variation in how the … (within banks) to make four contributions. (i) We show the LTROs induced increased bank lending to firms in France, including … differently to multi- bank firms than they do to firms with only one bank. (iii) Differences in liquidity transmission map to …

the possible repercussions of changing the level of official interest rates is the ability to influence the size of bank … lending, by means of the bank lending channel. The key aspect our research is a thorough understanding of the functioning of … the bank lending channel, with the main goal of this study being an examination of the efficiency of monetary policy …